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Lecture

Class note Fall 2010_CH1 Completed notes

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Department
Economics
Course
ECON 102
Professor
Angela Trimarchi
Semester
Fall

Description
11Chapter OneWhat is EconomicsEconomic studies howSociety manages its scarce resourcesPeople use scare resources to satisfy unlimited human wantsAlsoEconomics is a social science behaviour as humanEconomic ResourcesLandnatural resourcesLabour physical and mental effort used in productionCapital machinery equipment structures coordinate resourcesEntrepreneurshipputting resources together12Key IdeaScarcityPeople must make choiceMaking choices leads to costOpportunity cost The best alternative forgoneAlso the sum of direct costs and indirect costsDirect costpaid for out of pocketIndirect costnot paid to anyone but is still a costQuestion List the direct and indirect costs opportunity cost of going to the movies
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